Overview
Ethiopian Tourist Trading Enterprise (ETTE) is a state-owned trading enterprise held by Ethiopian Investment Holdings. Its financial statements describe a business of retailing duty-free and duty-paid merchandise, together with the production and sale of handicrafts and souvenirs; duty-free goods are sold to customers entitled to duty-free privileges, including through an outlet at Addis Ababa international airport. The enterprise was established in 1964, reports under IFRS with a 30 June year end, and holds a long-term investment in securities alongside a government loan.
Revenue from contracts with customers rose to ETB 1.05Bn and other income to ETB 106.70M, taking total revenue and other income to ETB 1.16Bn, while cost of sales fell to ETB 421.45M; profit after tax reached ETB 294.73M, a net margin of 25%. Total assets doubled to ETB 2.09Bn, mainly through a right-of-use asset of ETB 790.58M, with matching lease liabilities inside total liabilities of ETB 1.48Bn. Operating activities generated ETB 357.48M of cash. This report restates the prior year's comparatives to correct prior period errors, so the year-on-year figures shown here are measured against the prior year as published in its own report.
SourceETB 1.16B
ETB 294.73M
ETB 2.09B
SourceETB 864.19M
Performance
Income statement
| Fiscal year | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|
| Total Revenue | ETB 778.07M | ETB 866.66M | ETB 743.14M | ETB 1.16B |
| Total Expenses | ETB 655.79M | ETB 777.48M | ETB 724M | ETB 864.19M |
| Net Profit | ETB 122.28M | ETB 89.18M | ETB 19.14M | ETB 294.73M |
| Operating Revenue | ETB 747.24M | ETB 853.19M | ETB 720.27M | ETB 1.05B |
| Other Income | ETB 30.83M | ETB 13.46M | ETB 22.87M | ETB 106.7M |
| Cost Of Sales | ETB 448.69M | ETB 541.12M | ETB 492.54M | ETB 421.45M |
| Gross Profit | ETB 298.56M | ETB 312.08M | ETB 227.73M | ETB 630.77M |
| Selling Distribution Expenses | ETB 66.78M | ETB 86.81M | ETB 114.38M | ETB 149.49M |
| General Admin Expenses | ETB 78.82M | ETB 98.12M | ETB 90.87M | ETB 132.71M |
| Provision For Doubtful Debts | ETB 1.93M | — | ETB 394.43K | — |
| Finance Costs | ETB 6.69M | ETB 11.03M | ETB 14.41M | ETB 15.68M |
| Profit Before Tax | ETB 175.17M | ETB 127.87M | ETB 30.55M | ETB 433.36M |
| Income Tax Expense | ETB 52.89M | ETB 38.69M | ETB 11.41M | ETB 138.63M |
| Inventory Write Down Allowance | — | ETB 1.71M | — | — |
| Operating Profit | — | — | ETB 44.96M | ETB 449.04M |
| Impairment Losses On Financial Assets | — | — | — | ETB 6.23M |
Balance sheet
| Fiscal year | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|
| Total Assets | ETB 997.96M | ETB 1.14B | ETB 997.49M | ETB 2.09B |
| Equity | ETB 249.23M | ETB 568.78M | ETB 581.13M | ETB 605.25M |
| Non Current Assets | ETB 406.53M | ETB 402.7M | ETB 422.91M | ETB 1.17B |
| Current Assets | ETB 591.42M | ETB 737.55M | ETB 574.58M | ETB 917.18M |
| Total Liabilities | ETB 748.73M | ETB 571.46M | ETB 416.36M | ETB 1.48B |
Cash flow
| Fiscal year | 2014EC | 2015EC | 2016EC | 2017EC |
|---|---|---|---|---|
| Operating | ETB 47.79M | -ETB 149.67M | ETB 28.62M | ETB 357.48M |
| Investing | -ETB 43.39M | -ETB 5.46M | -ETB 31.74M | -ETB 78.31M |
| Financing | -ETB 28.09M | ETB 3.55M | -ETB 2.98M | -ETB 46.77M |
Financial health
Return on equity (ROE)
48.7%
Return on assets (ROA)
14.1%
Capital adequacy ratio (CAR)
—
Non-performing loans (NPL)
—
Cost-to-income
—
Liquidity ratio
—
Competitors
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